FIHTK, a subsidiary of Foxconn Group in Korea, is confirmed to have cut about 240 employees from the company's total of 280 employees. FIHTK's president even came out to apologize.

The report also pointed out that the huge lay-off is due to FIHTK having already completed its periodic mission. The employees also did not have a big resistance toward the lay-off as many of the employees already left the company after seeing the business shrink significantly, while the offered severance pay is satisfactory.

By: DocMemory
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